Yonder secures £62.5m funding to grow outside of London
Yonder, a credit card rewards firm geared towards millennials and Gen Z consumers, has secured £62.5 million as part of a funding round to expand its operations outside of London.
The challenger credit card company seeks to introduce younger generations to shopping on credit cards by offering a points-based rewards scheme to use at London eateries, cinemas and wine merchants.
The funding package, which consists of £12.5 million in equity and £50 million of debt, will help Yonder in its ambitions to boost hiring and expand into more UK cities.
The Series A funding round was backed by capital firms Northzone and RTP Global, with angel investors Joseph Moore, Crust Bros founder, and Kunal Shah, the founder of Cred, joining existing major shareholders Sharmadean Reid, GoCardless founder Matt Robinson, and former footballer Rio Ferdinand.
Tim Chong, Yonder CEO and co-founder, said: “Securing this funding is a real achievement in the current climate, and we feel incredibly fortunate to have the backing of investors who believe in Yonder’s vision.”
“We’ve built Yonder as a key to the city for young professionals, which encourages responsible use of credit while helping them to unlock more value from their spending,” he added.